A.T. Cross Company

Estimated jobs: 35, tied to tax credits and to be hired over three years

Job-related tax credits to be paid out over 10 years; A.T. Cross has pledged to keep jobs here at least 12 years.

Total Commerce incentives: $1,899,499

Address: 299 Promenade St., Providence, a move from Lincoln offices

Status: Approved by Commerce 5/9/16. Contract signed. Effective date: July 20, 2016. Company completed renovations, moved into new offices and opened Providence store. Final Lincoln employees will relocate to Providence when that lease ends in March.

Project details: Renovated about 42,000 square feet in the Foundry complex in Providence, along the Woonasquatucket River, in the former Brown & Sharpe Manufacturing Co. The company’s Lincoln manufacturing facility, of about 155,000 square feet, was too big for a company that now manufactures most pens in China. The maker of fine-writing instruments and accessories said most work for customized pens that have been sold over the years to U.S. presidents and Governor Gina Raimondo is done in New England.

Development firm: A.T. Cross, which is owned by private-equity firm Clarion Capital Partners in New York

Lead developer: A.T. Cross CEO Robert P. Baird Jr.

Commerce incentives:

Rebuild Rhode Island tax credits: $400,000

Is project expected to repay at least a portion of those Rebuild credits over time, if it’s financially successful? No. But if A.T. Cross were to sublease its renovated space and make a profit on that, the Commerce Corporation would share in the profit.

Sales-tax exemption with Rebuild credits? $67,000. This sales-tax exemption when purchasing construction materials, furnishings and equipment is in addition to the Rebuild credits.

Number of jobs company says it will create: 35. That's 16 jobs in the first year; up to 27 by year 2; and up to 35 by year 3. The jobs that qualify for the credits aren’t those the company is merely moving from Lincoln to Providence.

Wages of qualifying jobs: Median salary of $88,000, which is above the state’s median annual wage. When the deal was approved in May 2016, the state’s current median annual wage was $39,024.

First Wave Closing Fund: $200,000

Competition among states for this company? When the Commerce Corporation board considered this project for incentives, Commerce Managing Director Jesse Saglio told the board the nearly $1.9 million of incentives was less than a counter offer of $2.4 million the company had been weighing from Connecticut: “But the company has agreed if we offer these incentives, they will stay,” Saglio said.

Has company received money yet? A.T. Cross has gotten some cash from the incentives package — about $200,000, Baird said at a ribbon-cutting event for the new space in December 2016. But most incentives won’t be paid until after the company hires the promised new employees over the next three years. Once those employees have paid personal income taxes for a year, the company can then begin receiving its tax credits, which cannot exceed the amount paid per employee in personal income taxes.